The Nation Newspaper

Tag: EU

  • EU canvasses new tax regime for rich Nigerians

    EU canvasses new tax regime for rich Nigerians

    A higher tax regime for rich Nigerians in accordance with their earnings will accelerate the growth of the country’s economy, European Union (EU) Ambassador to Nigeria Michel Arrion has said.

    Arrion said although Nigeria is adjudged the biggest economy in Africa, its economy was still small compared to other countries in Europe.

    The EU ambassador, who also heads the delegation of the Economic Community of West African States (ECOWAS), spoke with reporters at the weekend in Ilorin, Kwara State capital.

    The envoy urged the President-elect, Muhammadu Buhari, to de-radicalise Boko Harram prisoners, saying that would permanently end the insurgency ravaging the Northeast.

    The ambassador, who was in Kwara State for a two-day visit as part of his mission of “discovering Nigeria”, recommended that “the future of Kwara be based on agriculture” while Nigeria should embark on “diversification of the economy”.

    On the outcome of the elections, Arrion said the nation was “showing a good example” to the rest of Africa, especially with the action of President Goodluck Jonathan,  who, according to him, in a rare demonstration of sportsmanship, conceded defeat to his challenger at the presidential elections.

    He urged the continent to “invent in its own democracy” and leverage on the opportunities provided by ECOWAS to boost the economy of member countries.

    Arrion, on arrival in the state, visited the leader of All Progressives Congress (APC), Senator Bukola Saraki, at his Ilofa GRA residence.

    He stressed the need for Nigeria and Africa to ensure that peace reigns supreme.

    Senator Saraki urged the EU to support the incoming administration of Buhari to fix infrastructure and fight poverty for the citizens to savour the dividends of democracy brought about by the wind of change.

    He added that the success achieved during the elections were possible due to the technical support friends of Nigeria, including the EU, provided to the Independent National Electoral Commission (INEC).

    Saraki said: “The victory of the elections was not just APC victory. It was victory for all Nigerians.”

  • AGRIKEXPO organisers partner EU

    151 Products Limited, organiser of the 2015 edition of the annual Agriculture/Food Exhibition (AGRIKEXPO) is partnering the European Union (EU) Conference on Agriculture for the successful hosting of the event, which would centre mainly on agriculture and allied businesses. Already, several key companies in the sector have lined up to exhibit benchmarked agriculture, food, beverage, packaging products and services.

    However, because of the adjustment in the Nigerian election timetable, the event earlier scheduled to hold this month April has been shifted to November 5-7, following demand from many trade visitors, farmers and exhibitors. According to the organisers, the shift in date also became necessary to allow new government appointees time to settle in to work after the elections.

    Project Director, 151 Products Limited, organiser of the exhibition, in Lagos, Mr. Eppellee Oluwadara, stated that the new date was in consonance with the EU Conference on Agriculture, and convenient for many international class exhibitors and visitors. He added that this year’s event is collaborated by the Federal Ministry of Agriculture, Nigeria Agricultural Business Group (NABG), and Nigeria British Chamber of Commerce (NBCC).

    Others include National Agency for Food Drug Administration and Control (NAFDAC), Standards Organisation of Nigeria (SON), Nigeria Export Promotion Council (NEPC), Nigeria Investment Promotion Commission (NIPC), Master Bakers Association of Nigeria, Lagos chapter, West African Association of Food and Beverage Merchants, and numerous other agricultural associations.

    According to Mrs. Paulette Van Trier, Economic Counsellor to the EU, AGRIKEXPO would be a good opportunity for various state agricultural development boards to showcase investment opportunities after the elections to major players from various EU member countries who would be attending a conference during the exhibition.

    The National Co-ordinator, NABG, Emmanuel Ijewere, commended the shift in date as it will rally the agribusiness community for a more robust participation. He said it will also give more time for preparations, saying “AGRIKEXPO remains a formidable networking opportunity for agribusiness development in Nigeria.”

    Marketing Manager of the organising company, Mr. Oluwana Dayo, reaffirmed that all was being done to ensure a high-value-added event for exhibitors, including those engaged in processing, packaging and distribution of food/beverages as local companies prepare to process for exports.

    There would also be seminars in the areas of export and enhancement between Nigeria and other countries. The President of the Nigeria British Chamber of Commerce, Prince Adeyemi Adefulu also confirmed that a forum was being put in place using the occasion of the AGRIKEXPO to boost agri/food trade between Nigeria and the UK.

     

     

     

     

     

     

     

     

     

     

     

     

  • Polls: Jonathan, an example to the world, says EU

    Polls: Jonathan, an example to the world, says EU

    The European Union (EU) Observer Mission for Nigeria’s 2015 general elections on Wednesday described President Goodluck Jonathan as a good example to the world following the conduct of the polls and concession victory to his opponent without rancour.

    Jonathan had on Tuesday before the final collation of result of the presidential election by the Independent National Electoral Commission (INEC), telephoned his opponent, General Muhammadu Buhari, congratulating him for winning.

    ‎Head of the EU Observer Mission, Santiago Fisas‎, who commended Jonathan for his action led a delegation of the Mission to present an interim report of its findings to the President at the Aso Rock Villa.

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    ‎He said: “I congratulate him (Jonathan) for that and I seized the opportunity to give to him our preliminary report about the election.

    “He was very happy and of course, I will come back in July with the final statement at a press conference and to give it to the new President and our recommendations would be contained in the final report.

    “The elections are so important for the people of Nigeria, but it is an African example for all Africa and countries in the world.

    “You know many people didn’t expect that the elections will be peaceful, they expected a lot of violence after the elections but it turned out not to be true.

    “Also, I congratulate President Jonathan but I would like to congratulate Nigerian people because they showed a lot of commitment to that election.

    “Not in all circumstances would you see such that, people stood in the sun for a very long and hot day, despite some of these problems. It shows that you Nigerians are truly democratic.”‎ he said

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    According to him, it would remain the discretion of the Nigerian government to decide what recommendations to adopt or reject from the Mission’s findings about this year’s elections.

    He said: “It is up to Nigerian government to accept or not to accept the recommendations. We are observers and we have made our recommendations and I don’t want to advance the final report that will be finished after the gubernatorial elections.

    “When we can embark on a new ideas with a new President, probably that will be in July, then we will make recommendations public”, he said.
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  • Perpetrators of poll violence ’ll be held accountable, says EU

    Perpetrators of poll violence ’ll be held accountable, says EU

    As the World waits for the final results of last weekend’s elections, the European Union (EU) has warned that it will hold anybody responsible for electoral violence accountable.

    Addressing reporters in Abuja yesterday, members of the European Union Election Observation Mission for the 2015 Nigerian election, led by its Chief Observer Santiago Fisas Ayxelà, cautioned Nigerian politicians against violence as anybody who engages in or prompts violence will be held accountable.

    Santiago Fisas Ayxelà and his team also stated that the EU, particularly the European Parliament, “will reject attempts by politicians to gain power through violence”, advising that instead they should go to court and focus on national unity.

    The EU ruled out incidences of systemic suppression, stressing that there was “no national evidence of intimidation or systemic subversion of the process but we are watching the process, it is important INEC reevaluates its card readers.”

    The EU also stated that “the Rivers state crisis will not affect the integrity of the process but the EU has received credible complaints from Lagos regarding collation of results.”

    Fisas described this election as the most competitive in the history of Nigeria and urged Nigerians to accept the outcome and be peaceful.

    He said the election was generally peaceful but with some regrettable incident of violence. He noted the problems recorded with card readers and delays in some polling stations.

    The EU election observation leader praised security agencies and staff of the Independent National Electoral Commission (INEC) for a job well done and expressed confidence in INEC’s work.

    The EU team felt the biometric system was not adequately tested before it was deployed for the general election. Besides, the team said there was room for improvement, especially in communication and logistics.

    The team Fisas said, “will follow up on petitions and present its final report in two months but that it will be up to the government to accept or reject such report.

    The EU team also advocated for a reform of the electoral laws to strengthen democracy, especially in election funding and the right to stand for election.

    The team described as implausible claims by INEC that a particular state recorded 92 per cent collection of Permanent Voters Card (PVCs), arguing that there must have been some deaths by some PVC holders between 2010 and 2015. They also lamented that much of the campaign violence was not addressed while some segments of the media received commendation for balanced reportage; others were biased.

  • EU signals further divergence from global banking rules

    The European Union (EU) will continue to diverge from global banking regulations where necessary to avoid overburdening smaller lenders, the bloc’s financial services chief said last week.

    Its commissioner, Jonathan Hill, said he would extend his predecessor’s policy of tailoring global banking rules where justified.

    The EU was singled out last December by global banking regulators for departing from some elements of the internationally agreed Basel III capital rules designed to make the financial system safer. The rules also aim to aid comparison of banks from across the world, but discrepancies make this harder

    Hill said he would “differentiate” from other Basel rules, too, in an effort to ensure that EU legislation is proportionate and takes into account different business models at banks across the 28-country bloc.

    “I don’t want to burden smaller, lower-risk institutions with the same requirements we need for bigger, riskier ones,” Hill told a financial conference in Brussels. “Looking ahead, I am keen to build on this policy of differentiation.”

    Two key decisions on banking rules loom.

    Hill has to decide by the end of next year whether all EU banks should be set binding leverage ratios, a broad measure of capital to assets that are not risk-weighted.

    Basel, which calls for a binding ratio, is deliberating over what level it should be set at. The global body also wants to set a net stable funding ratio, requiring banks to hold a buffer of long-dated bonds to cover potential liquidity crunches.

    “In both of those areas, differentiation would be crucial,” Hill said.

    Global regulators are finalising a separate rule to force the world’s top 30 banks, including Deutsche Bank (DBKGn.DE), Societe Generale (SOGN.PA) and HSBC (HSBA.L), to issue bonds that can be written down if the lender gets into trouble.

    Hill said he will first check whether the final detail of the global plans are “coherent” with a similar requirement the EU has already passed into law. Brussels has argued that it needs to tailor Basel rules because they are being applied to several thousand lenders in Europe while other parts of the world, such as the United States, apply them only to their biggest banks.

  • IMF backs Irish budget flexibility request from EU

    The IMF has backed Ireland’s calls for the European Commission to grant it some budget flexibility, saying the current fiscal rules do not reflect an Irish economic recovery “starting to fire on all cylinders”.

    After years of painful budget cuts to get its public finances under control, Ireland demanded more leeway this month for its budget spending next year, having seen the Commission show similar leniency to France and Italy.

    Ireland has slashed its budget deficit from 12.6 percent of gross domestic product in 2011 to an expected 2.7 percent this year. Now it wants to be allowed to increase spending in line with its GDP growth rate next year rather than a lower, calculated average.

    “In Ireland’s case, the current EU methodology understates cyclical swings in unemployment, with implications for estimates of output gaps and potential growth,” the International Monetary Fund said in a report on the Irish economy.

    “Staff, therefore, welcomes ongoing work by the Irish authorities to refine some aspects of the EC methodology.”

    Under the EU’s Stability and Growth Pact, euro zone countries must consolidate public finances until they reach balance or surplus.

    The rules say that a government whose budget deficit is smaller than 3 per cent of GDP, but not yet in balance, as Ireland’s is likely to be this year, cannot increase spending more than its medium-term potential GDP growth. This is meant to ensure a gradual strengthening of the underlying budget balance.

    However, the Commission calculates this using a 10-year average, which after the deep recession that preceded Ireland’s international bailout puts the reference growth rate for the period 2014-16 at 0.7 per cent, the IMF said.

    That compares to growth of 4.8 per cent last year – the fastest expansion in the European Union – and IMF estimates of 3.5 per cent growth this year and a further 3 per cent in 2016.

    “Refinements of the current EU methodology for estimating potential GDP for Ireland should therefore, be developed and assessed to enable the fiscal rules to better serve their purpose,” the IMF said.

    Ireland was able to cut income tax rates and increase spending for the first time in seven years this year and has pledged to do so again in October’s budget for 2016 ahead of parliamentary elections early next year.

    The IMF recommended a phased and steady adjustment towards a balanced budget over the next three years and said that there was some flexibility to further ease the burden on higher income workers.

     

  • EU aides play down Greek reform plan

    Euro zone officials played down plans submitted by cash-strapped Greece to its international creditors in a bid to secure fresh funds, a day after Athens’ outspoken finance minister irked EU partners by raising the prospect of a referendum.

    Speaking before finance ministers of the currency area meet in Brussels,  Eurogroup chairman Jeroen Dijsselbloem said steps outlined by Finance Minister Yanis Varoufakis in a letter last week were serious but “far from complete”.

    “This is a process that’s just going to take a long time,” the Dutchman said, adding that it would be very difficult to complete Greece’s reform programme during the four-month extension of its EU/IMF bailout that runs until end June.

    Varoufakis, who wants a negotiated restructuring of Greece’s debt to official lenders, said in a newspaper interview published on Sunday the leftist-led government could call a referendum or early elections if European partners rejected its debt and growth plans.

    The Finance Ministry later clarified that the Marxist former academic had been replying to a hypothetical question and that any referendum would “obviously regard the content of reforms and fiscal policy” and not whether to stay in the euro.

    A senior politician in German Chancellor Angela Merkel’s conservative bloc said on Monday that Greece would be better off outside the 19-nation euro zone, suggesting that Finance Minister Wolfgang Schaeuble privately shared that view.

    “By leaving the euro zone, as Finance Minister Schaeuble has suggested, the country could make itself competitive again from a currency perspective with a new drachma,” former transport minister Peter Ramsauer, a member of the Bavarian Christian Social Union (CSU), wrote in Bild.

    Merkel and Schaeuble have both said publicly they want to keep Greece in the currency area. But in a sign that German sentiment may be shifting, Ramsauer said a temporary “Grexit” would be a “great opportunity” for the country to boost its economy and administration “making it fit to return to the euro area from a position of strength”.

     

     

    German Deputy Finance Minister Steffen Kampeter said in a radio interview he did not expect substantial decisions on Greece at Monday’s Eurogroup meeting because ministers were waiting for more financial details on the reform plans.

     

     

    He criticized Varoufakis’ talk of a referendum or returning to elections, saying it would only delay the implementation of the economic measures Greece needed.

    An opinion poll published on Monday showed a large majority of Greeks want Athens to reach a compromise deal with international lenders to avoid having to leave the euro.

    Some 69.6 percent of Greeks say the new leftist-led government should look for an “honorable compromise” to resolve the crisis, according to a Marc survey for the newspaper Efimerida Ton Syntakton. Only 27.4 percent of those questioned wanted Greece to refuse any compromise, even if that meant having to leave the euro zone.

    Leftist leader Alexis Tsipras won power in January promising voters a radical renegotiation of the bailout package that requires strict budget discipline and which has imposed wrenching austerity, shrinking the economy by about 25 percent.

    Despite rifts in his Syriza party because of concessions the government has had to make, polls show it remains popular.

    The government submitted a bill last week to offer free food and electricity to thousands of poverty-stricken Greeks as its first legislative act in parliament — a symbolic move to address what it calls a humanitarian crisis.

    About 88 percent of respondents supported these initial policy steps, according to the survey.

    Shut out of debt markets and with international loans frozen against a background of falling revenues, Greece could run out of cash later this month.

     

  • EU moves to tackle Ebola

    EU moves to tackle Ebola

    The European Union met in Brussels on Tuesday to discuss concrete steps to tackle the Ebola Virus Disease.

    Already, EU has mobilized €1.2 billion to tackle the ‎ disease which has killed over 8,000 people in West Africa.

    Nigeria was able to contain the disease which was imported by a Liberian-American, Patrick Sawyer, while the other three countries – Liberia, Guinea and Sierra Leone were not that lucky.
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    The EU conference titled- “Ebola: from emergency to recovery,” is aimed at sustaining the current momentum in the fight against the virus.

    The president of Guinea, Liberia and Sierria Leone ‎ are expected to co-chair the conference alongside EU, United Nations, Africa Union and Economic Community Of West African States.

     

  • EU renews sanctions on Zimbabwe, Mugabe

    EU renews sanctions on Zimbabwe, Mugabe

    the European Union (EU) has renewed for another year its sanctions against Zimbabwe. This included a travel ban and asset freeze on President Robert Mugabe and his wife, according to a notice in the EU’s Official Journal.

    “The restrictive measures should be renewed until February 20, 2016,” the notice read. “The application of the travel ban and asset freeze should be maintained for two persons.”

    Since imposing sanctions in 2002 over electoral fraud and human rights abuses, the EU has eased measures to encourage political reform in Zimbabwe, although it has kept its ban on Mugabe and his wife Grace, as well as an arms embargo.

    It gave Zimbabwe 234 million euros (173.62 million pounds) in aid, its first since sanctions were imposed. And earlier this month, EU officials said the 90-year-old president might be allowed in on an exceptional basis during his year-long chairmanship of the African Union, if traveling on AU business.

    The Official Journal, however, made it clear that the EU governments are not yet convinced that Mugabe had changed enough to merit a final lifting of restrictions. Representatives of the 28-member state had “carried out a review” of sanctions “taking into account political developments in Zimbabwe”, the notice read.

    Mugabe has ruled Zimbabwe since it gained independence from Britain in 1980 and has frequently clashed with the West. EU states were divided in their response when Mugabe won a fifth term in a 2013 election that was endorsed as free by African observers, but denounced as fraudulent by the opposition.

  • EU renews sanctions on Zimbabwe, Mugabe

    EU renews sanctions on Zimbabwe, Mugabe

    The European Union renewed for another year its sanctions against Zimbabwe, including a travel ban and asset freeze on President Robert Mugabe and his wife, according to a notice on Friday in the EU’s official journal.

    “The restrictive measures should be renewed until February 20, 2016. The application of the travel ban and asset freeze should be maintained for two persons,” Reuters quoted the EU as saying in the release.